The planned conversion of Glendale's troubled Bayshore Town Center, replacing much of its vacant retail space with offices, a hotel and apartments, drew both hopes and concerns at an initial public hearing Thursday night.

The proposed redevelopment of Bayshore, including possible city financing help, would need Common Council approvals. That could occur in 2019.

The older mall section would be replaced by a medical office building and open space. The former Boston Store and its parking lot would be the site of apartments, a hotel and an office building.

Apartments also would be built on vacant land between North Lydell Avenue and a mall parking structure. Meanwhile, senior apartments would be developed on the site of the former Sears store, which was demolished last year.

Additional retail space would be built on a smaller parking lot along North Port Washington Road near the former Sears site.

Finally, Bayshore's public square would be revitalized, with a winter ice skating rink and a summer fire pit.

Cypress Equities is representing Bayshore's owner, New York-based global financial services provider American International Group Inc. AIG acquired Bayshore a year ago in lieu of not foreclosing on the previous owner.

AIG would pay off Glendale's remaining tax financing debt of $56.6 million. The city took on that debt when it helped pay for the 2006 creation of Bayshore Town Center.

AIG would invest up to $75 million in the new redevelopment proposal.

In return, property taxes generated by Bayshore's new buildings would be granted annually to AIG to pay back part of its investment.

The amount of those proposed city payments has yet to be determined.

Bayshore Town Center, which opened in 2006, created several new store and restaurant buildings on a street grid, with the old Bayshore Mall space remodeled. Also, a new office building, 133 apartments and parking structures were constructed.

But Bayshore has faced increased competition from Amazon.com Inc. and other online retailers.

"Retail has been redefined," Fuchs said.

People attending the initial hearing, held by the Glendale Community Development Authority, and a subsequent Glendale Common Council meeting, spoke about businesses they hope to see at Bayshore — as well as concerns about the property.

Helaine Glass wants another department store to replace Boston Store. And she's not impressed by much of what Cypress is proposing.

"We don't need any more apartments," said Glass, a Glendale resident.

Ald. Steve Schmelzling said some of his constituents want "experiential" businesses, such as the WhirlyBall game court and restaurant coming to Brookfield Square.

"They're looking for things that are lively," he said.

Both he and Ald. John Gelhard said they're concerned that some Bayshore restaurants, including those in the food court, might not be part of the reinvented town center.

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A vacant lot remains where a Sears store that was closed in December 2014 was demolished this fall at Bayshore Town Center in Glendale. Bayshore Town Center's new owner acquired the Glendale mall in return for not foreclosing on the previous owner's mortgage loan, according to newly filed real estate records. Mike De Sisti and Chelsey Lewis/Milwaukee Journal Sentinel

Bayshore Town Center's new owner acquired the Glendale mall in return for not foreclosing on the previous owner's mortgage loan, according to newly filed real estate records. Mike De Sisti, Milwaukee Journal Sentinel

Bayshore Town Center, which includes apartments and offices, has faced challenges in recent years as malls lose sales to Amazon.com and other online retailers. Mike De Sisti and Chelsey Lewis/Milwaukee Journal Sentinel

Seattle-based Nordstrom Inc. in June announced plans to open its discount wing, Nordstrom Rack, at Bayshore in fall 2018. Total Wine & More, T.J. Maxx and HomeGoods are other possible new retailers at the mall. Mike De Sisti/Milwaukee Journal Sentinel

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Others said the planned apartments along Lydell Avenue, an unfulfilled promise from the original Bayshore Town Center proposal, are needed to improve the property's appearance on its eastern border with Whitefish Bay.

"It's a real eyesore," said Bob Dufek, a Whitefish Bay resident.

Also, Glendale resident Elinor Lee said people who walk inside the mall are worried that area will be eliminated under the Cypress proposal.

Williams, of Cypress, said the plans are evolving, and public input is welcome.